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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Princeton National Bancorp Inc (CE) | USOTC:PNBC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
Net interest income, before the provision for loan losses, was $7.720 million for the quarter and the net yield on interest-bearing assets (on a fully taxable equivalent basis) was 3.89%. There was a decrease in the net interest margin in comparison to the first quarter of 2011 due to continued yield compression, in both the loan and investment portfolios in this historically low interest rate environment. The yield compression was partially offset by a reduction in the cost of interest-bearing liabilities, primarily time deposits, which decreased to .60% from 0.88% for the first quarter of 2011.
The Corporation's provision for loan loss expense recorded each quarter is determined by management's evaluation of the risk characteristics of the loan portfolio. Net charge-offs decreased during the first quarter of 2012 to $747,000, compared to net charge-offs of $1.694 million for the first quarter of 2011. The Corporation recorded a loan loss provision of $75,000 in the first quarter of 2012 compared to a provision of $1.875 million in the first quarter of 2011.
Non-interest income totaled $3.143 million for the first quarter of 2012, compared to $3.600 million in the first quarter of 2011. This decrease was due to a reduction in the realization of gains on securities sold of $530,000 in the first quarter of 2012 compared to the same period in 2011. Annualized non-interest income as a percentage of total average assets decreased to 1.24% for the first three months of 2012, from 1.33% for the same period in 2011.
Total non-interest expense for the first quarter of 2012 was $9.728 million up from $9.435 million in the first quarter of 2011. The largest differences between the first quarters of 2012 and 2011 were an increase in loan collection costs and deposit insurance assessments of $747,000 and $276,000, respectively, due to increased costs incurred in the aggressive collection of problem loans and higher risk-assessed FDIC insurance premiums. These increases were partially offset by net gains realized on the sale of other real estate owned properties. Annualized non-interest expense as a percentage of total average assets increased to 3.85% for the first three months of 2012, compared to 3.50% for the same period in 2011.
Total assets at March 31, 2012 increased to $1.021 billion from $1.014 billion at December 31, 2011. Total loan balances decreased by $49.7 million during the three month period to $571.3 million due to seasonal pay downs in the agricultural portfolio and continued general decline in the overall demand for new low-risk credit. The continued negative effects of the current economic environment in which business and consumer borrowers have reduced demand and capacity for new indebtedness has impacted growth in our loan portfolio and resulted in a higher percentage of loans being charged off or transferred to other real estate owned. Non-performing loans amounted to 19.8% of total loans at March 31, 2012 compared to 16.26% at December 31, 2011. The increase reflects a continued high level of stress in the commercial real estate industry. Investment balances totaled $292.2 million at March 31, 2012, compared to $261.6 million at December 31, 2011. Total deposits increased to $921.8 million at March 31, 2012 from $917.3 million at December 31, 2011.
The allowance for loan losses of $29.7 million and $30.4 million, respectively, was 5.21% and 4.90% of total loans as of March 31, 2012 and December 31, 2011. The Corporation's net charge-offs as a percentage of average loans was 0.15% and 8.74% for the three months ended March 31, 2012 and year ended December 31, 2011, respectively. The Corporation's net charge-offs and the level of required allowance for loan losses declined in the first three months of 2012 from the high levels experienced in 2010 and 2011 due to the Corporation's aggressive efforts to identify and recognize the impact of the troubled loan portfolio. The allowance for loan losses as a percentage of non-performing loans decreased to 29.5% as of March 31, 2012 from 30.1% as of December 31, 2011. The allowance for loan losses calculation takes into consideration continuing economic declines and resulting increases in non-performing loans in the quantitative and qualitative factors used to adjust the reserve percentages on loans not specifically reserved for in the calculation.
Total stockholders' equity has increased $809,000 to $5.744 million as of March 31, 2012 from $4.935 million at December 31, 2011, due to net income of $686,000 and the change in the unrealized gain on available for sale investment securities.
The Bank continues to operate under a Consent Order entered into on September 20, 2011 with the Office of the Comptroller of the Currency, its principal regulator. On March 29, 2012, the subsidiary bank's Board of Directors received a Prompt Corrective Action Notice under 12 U.S.C. 1831o and 12 C.F.R. Part 6 due to its amended Call Report filed with the OCC on March 22, 2012 reflecting capital ratios in the Significantly Undercapitalized PCA capital category. This Notice places the Bank under certain restrictions regarding the payment of capital distributions and management fees, as well as restrictions on asset growth, on certain expansion activities and on payment of bonuses and compensation to senior executive officers. These mandatory requirements also include a requirement that the Bank submit an acceptable Capital Restoration Plan ("CRP") to the OCC, addressing the steps the Bank will take to become adequately capitalized, the levels of capital to be attained during each quarter of each year of the CRP, the types and level of activities in which the Bank will engage; and how management will comply with the restrictions against asset growth, and acquisition, branching and new lines of business. The CRP was submitted on May 7, 2012.
The Corporation entered into a Written Agreement with the Federal Reserve Bank, which included similar items as the OCC Consent Order, on October 27, 2011 and is taking steps to fully comply with the requirements in that agreement.
On April 18, 2012, the Corporation received written notice from the Listing Qualifications Staff of the NASDAQ stock market that as of December 31, 2011 the Corporation was no longer in compliance with the minimum stockholders' equity requirement for continued listing on the NASDAQ Global Market of $10 million. The Listing Notice does not result in the immediate delisting of the Corporation's common stock from the NASDAQ Global Market. Rather, in accordance with the NASDAQ Listing Rules, the Corporation has 45 calendar days from the date of the Listing Notice to submit to the Staff a plan to regain compliance with this continued listing requirement. The plan has been submitted and if it is accepted by NASDAQ they may grant an extension of up to 180 calendar days from the date of the Listing Notice for the Corporation to provide evidence of compliance.
The Corporation offers stockholders the opportunity to participate in the Princeton National Bancorp, Inc. Dividend Reinvestment and Stock Purchase Plan, which allows for optional cash contributions to purchase stock. To obtain information about the stock purchase plan, please contact us at 815-872-6131.
Princeton National Bancorp, Inc.'s Web Address: www.pnbc-inc.com.
FORWARD-LOOKING INFORMATION:
This press release may contain certain forward-looking statements, including certain plans, revenues, earnings, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. These forward-looking statements are identified by the use of words such as "believe," "anticipate," "estimate," "expect," "intend," "plan," "project" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements by their very nature are subject to risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Corporation's most recent reports filed with the Securities and Exchange Commission describe some of these factors, including certain credit, market, operational, liquidity and interest rate risks associated with the Corporation's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, legislation including the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward-looking statements are made.
CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share data) March 31 December 31, 2012 2011 (unaudited) ------------- ------------- ASSETS Cash and due from banks $ 11,986 $ 16,307 Interest-bearing deposits with financial institutions 90,956 46,988 ------------- ------------- Total cash and cash equivalents 102,942 63,295 Loans held for sale, at lower of cost or market 946 2,220 Investment securities available-for-sale, at fair value 284,282 251,747 Investment securities held-to-maturity, at amortized cost 7,893 9,836 ------------- ------------- Total investment securities 292,175 261,583 Loans, net of unearned interest 571,295 621,021 Allowance for loan losses (29,741) (30,413) ------------- ------------- Net loans 541,554 590,608 Premises and equipment, net 25,615 25,850 Land held for sale, at lower of cost or market 2,164 2,164 Federal Reserve and Federal Home Loan Bank stock 4,500 4,500 Bank-owned life insurance 24,559 24,330 Interest receivable 5,029 6,453 Deferred income taxes 0 0 Intangible assets, net of accumulated amortization 1,740 1,877 Other real estate owned 12,389 21,848 Other assets 7,608 9,588 ------------- ------------- TOTAL ASSETS $ 1,021,221 $ 1,014,316 ============= ============= LIABILITIES Demand deposits $ 173,816 $ 171,939 Interest-bearing demand deposits 358,298 353,462 Savings deposits 90,963 84,599 Time deposits 298,747 307,295 ------------- ------------- Total deposits 921,824 917,295 Customer repurchase agreements 57,497 54,835 Advances from the Federal Home Loan Bank 5,000 5,000 Interest-bearing demand notes issued to the U.S. Treasury 0 0 Trust Preferred securities 25,000 25,000 ------------- ------------- Total borrowings 87,497 84,835 Other liabilities 6,156 7,251 ------------- ------------- Total liabilities 1,015,477 1,009,381 ------------- ------------- STOCKHOLDERS' EQUITY Preferred stock 25,023 25,016 Common stock 22,391 22,391 Common stock warrants 150 150 Additional paid-in capital 17,916 18,126 Accumulated Deficit (41,791) (42,791) Accumulated other comprehensive income (loss), net of tax 5,133 5,378 Less: Treasury stock (23,078) (23,335) ------------- ------------- Total stockholders' equity 5,744 4,935 ------------- ------------- TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,021,221 $ 1,014,316 ============= ============= CAPITAL STATISTICS (UNAUDITED) YTD average equity to average assets 0.59% 4.80% Tier 1 leverage capital ratio -0.14% -0.24% Tier 1 risk-based capital ratio -0.23% -0.38% Total risk-based capital ratio -0.23% -0.38% Common book value per share $ (5.74)$ (6.01) Closing market price per share $ 3.69 $ 1.51 End of period shares outstanding 3,356,025 3,341,029 End of period treasury shares outstanding 1,122,270 1,137,266 CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except share data) THREE MONTHS THREE MONTHS ENDED ENDED March 31, March 31, 2012 2011 (unaudited) (unaudited) ------------- ------------- INTEREST INCOME Interest and fees on loans $ 6,821 $ 8,859 Interest and dividends on investment securities 2,086 2,414 Interest on interest-bearing time deposits in other banks 47 21 ------------- ------------- Total Interest Income 8,954 11,294 ------------- ------------- INTEREST EXPENSE Interest on deposits 1,018 1,738 Interest on borrowings 216 199 ------------- ------------- Total Interest Expense 1,234 1,937 ------------- ------------- Net interest income 7,720 9,357 Provision for loan losses 75 1,875 ------------- ------------- Net interest income after provision 7,645 7,482 ------------- ------------- NON-INTEREST INCOME Trust & farm management fees 290 290 Service charges on deposit accounts 970 943 Other service charges 487 405 Gain on sales of securities available-for-sale 554 1,084 Brokerage fee income 154 139 Mortgage servicing rights recovery (impairment) 0 0 Mortgage banking income 367 451 Bank-owned life insurance income 220 221 Other operating income 101 67 ------------- ------------- Total Non-Interest Income 3,143 3,600 ------------- ------------- NON-INTEREST EXPENSE Salaries and employee benefits 4,774 4,616 Occupancy 652 689 Equipment expense 763 781 Federal insurance assessments 916 640 Intangible assets amortization 140 194 Data processing 372 366 Marketing 176 155 ORE Expenses, net (347) 582 Loan collection expenses 910 163 Write-down of land held-for-sale 0 0 Other operating expense 1,372 1,249 ------------- ------------- Total Non-Interest Expense 9,728 9,435 ------------- ------------- Income before income taxes 1,060 1,647 Income tax expense (benefit) 53 (88) ------------- ------------- Net income 1,007 1,735 Preferred stock dividends 0 0 Dividends in arrears on preferred stock 314 314 Accretion of preferred stock discount 7 7 ------------- ------------- Net income available to common stockholders $ 686 $ 1,414 ============= ============= Net income per share available to common stockholders: BASIC $ 0.20 $ 0.43 DILUTED $ 0.20 $ 0.42 Basic weighted average shares outstanding 3,353,556 3,325,964 Diluted weighted average shares outstanding 3,353,556 3,329,409 PERFORMANCE RATIOS (annualized) Net Income Available to Common Stockholders to Average Assets 0.27% 0.52% Net Income Available to Common Stockholders to Average Equity 45.81% 9.59% Net interest margin (tax-equivalent) 3.89% 4.42% Efficiency ratio (tax-equivalent) 87.04% 70.11% ASSET QUALITY Net loan charge-offs $ 747 $ 1,694 Total non-performing loans (non-accrual, past due over 90 days, troubled debt restructuring) $ 100,665 $ 104,333 Non-performing loans as a % of total loans 19.79% 15.16%
Inquiries should be directed to: Lou Ann Birkey Vice President Investor Relations Princeton National Bancorp, Inc. (815) 872-6131 E-Mail address: Email Contact
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